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05 March 2021, 12:58

BUCE sells Belarus lumber worth $2.6m to China

An archive photo
An archive photo

MINSK, 5 March (BelTA) – Lumber worth a total of $2.6 million has been sold to China at a special trading session held at the Belarusian Universal Commodity Exchange (BUCE), BUCE Press Secretary Roman Yaniv told BelTA.

In monetary terms, this is the largest batch of lumber sold through BUCE. The products will be delivered to customers in China. Another distinctive feature of this trading session was a high level of competition between buyers, which allowed Belarusian exporters to earn extra $220,000 due to the price increase.

“Every month BUCE accredits 2-3 new companies from China wishing to participate in forest products trading on its platform. This results in increasing competition and an opportunity for Belarusian forest industry companies to sell their products at more favorable terms. Also, one cannot but see an increasing interest in exchange trading on the part of private sawmills. For them, this is an opportunity to enter the Chinese market with minimal costs; thus, they make the most of this mechanism,” Roman Yaniv said.

Special trading sessions to sell lumber and deliver it in containers to customers abroad have been held at BUCE since December 2020. As a result, the export of domestic lumber to China rose significantly and amounted to nearly $5 million in monetary terms in January-February.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trading sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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